Timeshare Act 1992 (repealed)

3 Obligation for timeshare credit agreement to contain information on cancellation rights.F8U.K.

(1)A person must not in the course of a business enter into a timeshare credit agreement to which this Act applies as creditor unless [F2the offeree has received the agreement and it complies with the following requirements].

(2)[F3The agreement] must state—

(a)that the offeree is entitled to give notice of cancellation of the agreement to the creditor at any time on or before the date specified [F4in the agreement], being a day falling not less than fourteen days after the day on which the agreement is entered into, and

(b)that, if the offeree gives such a notice to the creditor on or before that date, then—

(i)so far as the agreement relates to repayment of credit and payment of interest, it shall have effect subject to section 7 of this Act, and

(ii)subject to sub-paragraph (i) above, the offeree will have no further rights or obligations under the agreement.

F5 [( 3 )[F6The agreement must state that it] is a timeshare credit agreement for the purposes of this Act.]

[F7(4)Subsection (5) below applies if—

(a)the offeree is an individual, and

(b)the accommodation which is the subject of the timeshare agreement to which the timeshare credit agreement relates is accommodation in a building, or some or all of the accommodation in the pool of accommodation which is the subject of that timeshare agreement is accommodation in a building.

(5)The timeshare credit agreement must state that, if the offeree gives a notice under section 5 or 5A of this Act of cancellation of the timeshare agreement which has the effect of cancelling it, the notice will also have the effect of cancelling the timeshare credit agreement (with the same consequences as mentioned in subsection (2)(b)(i) and (ii) above).

(6)The agreement must contain a blank notice of cancellation.]

Textual Amendments applied to the whole legislation